Choosing the right trading platform is not easy. There are hundreds of forex trading platforms out there. But you don’t have to worry. In this comprehensive guide, we will discuss in detail how to choose the right trading platform for you.
There are several things to consider when choosing the right trading platform. These are:
- Regulations – It is very important that you choose a trading platform that is regulated. That said, there are different tiers of regulators. For example, tier-one regulations are like the ASIC (Australian Securities and investment commission) and the Financial Markets Authority (FMA). The trading platform is more trustworthy if it is regulated by a tier-one regulator.
- Multi-platform support – It is good if the trading platform runs on different devices. For example, a good trading platform provided by XM works on mobile (both IOS & Android), desktop, and on the web. But this also depends on your preferred device to trade on. Also, if you are interested in algorithmic trading, only a few trading platforms support this.
- Customer Support – It is a great idea to choose a trading platform that provides great customer support. It can be useful for you to choose a trading platform that provides 24-hour customer support at least 5 days a week. You might also need to consider the medium of support like you might prefer support through email or WhatsApp.
- Reputation – It is important to consider the reputation of the trading platform among traders. Some trading platforms are straight-out scams that are made to steal your money. They make you deposit your hard-earned money but do not allow you to withdraw.
- Payment methods – It is important to consider the payment methods and the withdrawal methods available in the trading platform. If your preferred payment method is through a debit card, you have to look for a trading platform that supports this type of payment method.
Now let’s talk about 3 trading platforms that are great.
1. XM Trading Platform
XM provides one of the best award-winning trading platforms. With the XM trading platform you can trade on mobile (both Android and IOS), desktop, and on the web. If you are really into mobile trading, the XM mobile trading platform is a good choice.
For trading on the web and desktop, XM provides you with the MetaTrader 4 and MetaTrader 5 trading platforms. These are both popular trading platforms that support algorithmic trading.
XM trading platform is highly regulated by 3 regulators. These are the Australian Securities and Investment Commission, Cyprus Securities and Exchange Commission (CySec), and International Financial Services Commission (IFSC).
XM also provides you with great customer support that runs 24/5. You can contact XM’s customer support through mobile and email. They also provide you with a help centre that answers most commonly asked questions.
XM supports multiple payment methods and withdrawal methods. These include Credit cards, Debit Cards, Skrill, Neteller, Bankwire, and Union Pay.
If you are interested in trading with the XM trading platform, click here.
2. AvaTrade Trading Platform
AvaTrade is another great trading platform provider. They provide you with trading platforms to trade on mobile, desktop, and web, similar to that of the XM Broker.
AvaTrade is highly regulated by 7 different regulators including tier 1 regulators such as ASIC.
AvaTrade also provides 24/5 customer support. You can contact their customer support through email, phone, and WhatsApp.
AvaTrade supports multiple payment methods such as Visa, Skrill, Wire Transfer, and Neteller. If you are interested in trading with AvaTrade, click here.
3. eToro Trading Platform
eToro is best known for its social trading platform. eToro provides a mobile trading platform that is used by more than 10 million users worldwide. Their app provides you with a user-friendly interface and a comprehensive range of features.
With the eToro trading platform, you can trade Forex, Crypto, Stocks, and Commodities. With eToro’s social trading feature, you can copy the trades of successful traders on the platform.
eToro is regulated by 2 regulators, Cyprus Securities & investment commission (CySec) and the Financial conduct authority (FCA). For payment methods, eToro provides its own money account. They also support Credit cards/Debit cards, PayPal, etc.
If you are interested in trading with eToro’s social trading platform, click here.
Conclusion
In this article, we talked about how to choose the right trading platform. These come down to 5 key things, regulations, multi-platform support, customer support, reputation, and payment methods. We also provided you with 3 great trading platforms to choose from.
